Sep 19th, 2012 Copyright (c) 2012 Thenewswire.ca - All rights reserved.
(via Thenewswire.ca)
September 19, 2012, Vancouver, BC - Petrostar Petroleum Corp. (TSX-Venture: PEP, "Petrostar" or "the Company") is very pleased to announce that the Company has received final Exchange approval of all documentation relating to:
o.The Share Purchase and Asset Exchange Agreement between Petrostar and the shareholders of TexAlta Industries Ltd.;
o.The Option Agreement between Petrostar and G.R. Mac Oil Ltd.; and
o.The Overriding Royalty Agreement between TexAlta, Loree Holdings Ltd., Elmdale Resources Ltd. and Eagle Hydrocarbons Ltd.
Under the terms of the Agreements, Petrostar will immediately issue 10 million common shares of the Company to the TexAlta shareholders in exchange for all the issued and outstanding shares of TexAlta Industries Ltd.
Further information can be found in the Company's information circular dated August 2, 2012, and news releases dated May 14, 2012, May 28, 2012, July 9, 2012, and September 10, 2012, all available on the Company's web site, www.petrostarpetroleum.com or Sedar, www.sedar.com.
Petrostar is a Tier 2 Canadian-based oil and gas exploration company trading on the TSX Venture Exchange. The long-term objective of management is to aggressively seek properties with high potential that can be advanced with minimum expenditures. The policy of the Company is to lower shareholders' risk exposure to various stages of exploration by entering into joint ventures with third parties or acquiring projects that the Company can operate as the sole owner-operator.
For further information, please contact Bruce Scafe, IR and Communications Officer, at 1-877-737-8864 or bscafe@petrostarpetroleum.com.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this release.
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Copyright (c) 2012 Thenewswire.ca - All rights reserved.
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